Cheslind Textiles - Outcome Of Board Meeting

Cheslind Textiles Ltd has informed that the Board of Directors of the Company at its meeting held on March 23, 2007, has taken on record the following:1. The Share Purchase Agreement dated March 19, 2007 entered by the Promoters of the Company, other than TIDCO with RSWM Ltd and2. The Open offer released by RSWM Ltd in the newspapers on March 22, 2007.As per Share Purchase Agreement dated March 19, 2007, promoters of the Company, other than TIDCO had agreed to sell their 1,11,25,217 equity shares of Rs 10/- each representing 48.17% of paid up share capital of the Company to RSWM Ltd at a price of Rs 25/-.The Open offer released by RSWM Ltd in the newspapers on March 22, 2007, is to acquire up to 46,18,787 equity shares of the Company representing in the aggregate 20% of the paid up share capital of the Company at a price of Rs 25/- per share from the shareholders of the Company other than the parties to the Share Purchase Agreement dated March 19, 2007.